Sign in

You're signed outSign in or to get full access.

JT

Janux Therapeutics, Inc. (JANX)·Q3 2025 Earnings Summary

Executive Summary

  • JANX delivered a clean print with collaboration revenue of $10.0M and diluted EPS of $(0.39), both better than S&P Global consensus estimates (Revenue $3.07M*, EPS $(0.62)) as the company recognized collaboration revenue in the quarter; operating loss narrowed sequentially on higher other income and stable OpEx . Estimates from S&P Global.
  • Cash, cash equivalents and short-term investments ended Q3 at $989.0M, providing substantial funding for continued clinical execution (JANX007 mCRPC and JANX008 EGFR solid tumors) and new programs (TRACIr, ARM) .
  • Management reiterated enrollment progress in JANX007 and JANX008 and narrowed the timing for additional clinical updates to Q4 2025, creating a near‑term catalyst path .
  • YoY, R&D increased as trials advanced ($34.6M vs $18.6M), while G&A declined due to a high Q3’24 base from $9.5M equity modification SBC; net loss improved to $(24.3)M from $(28.1)M YoY .

What Went Well and What Went Wrong

What Went Well

  • Collaboration revenue came in at $10.0M, lifting quarterly revenue well above last quarter ($0) and prior year ($0.44M) and helping deliver an EPS beat vs consensus* .
  • Strong liquidity: $989.0M cash and investments at Q3-end, with management emphasizing the “strong balance sheet that enables continued execution” .
  • Clinical execution and near-term catalysts: Enrollment is ongoing in JANX007 (mCRPC) and JANX008 (EGFR solid tumors), with additional data updates guided for Q4 2025, reinforcing visibility on upcoming readouts .

What Went Wrong

  • Operating expenses remain elevated as the company advances multiple programs: R&D was $34.6M (up from $18.6M YoY), keeping the company in loss‑making territory .
  • No explicit financial guidance was provided, leaving investors to model continued OpEx and lumpy collaboration revenue recognition without formal ranges .
  • Lack of an available Q3 earnings call transcript limits color on timelines, regulatory interactions, or specific datapoint granularity beyond the press release (no transcript located in our document set over the relevant window).

Financial Results

P&L and Cash (Quarterly progression)

MetricQ1 2025Q2 2025Q3 2025
Collaboration Revenue ($USD Millions)$0.0 $0.0 $10.0
R&D Expense ($USD Millions)$25.1 $34.7 $34.6
G&A Expense ($USD Millions)$9.8 $10.5 $10.6
Net Loss ($USD Millions)$(23.5) $(33.9) $(24.3)
Diluted EPS ($)$(0.38) $(0.55) $(0.39)
Cash, Cash Equivalents & ST Investments (period-end) ($USD Millions)$1,010.0 $996.0 $989.0

Q3 YoY comparison

MetricQ3 2024Q3 2025
Collaboration Revenue ($USD Millions)$0.44 $10.00
R&D Expense ($USD Millions)$18.6 $34.6
G&A Expense ($USD Millions)$17.7 (incl. $9.5M equity-mod SBC) $10.6
Net Loss ($USD Millions)$(28.1) $(24.3)
Diluted EPS ($)$(0.51) $(0.39)
Weighted Avg Shares (Millions)54.63 62.02

Q3 2025 vs S&P Global Consensus

MetricConsensus*ActualSurprise
Revenue ($USD Millions)$3.07*$10.00 Beat
Diluted EPS ($)$(0.62)*$(0.39) Beat

Values with asterisks (*) were retrieved from S&P Global.

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
JANX007 and JANX008 data updates2H 2025“2H 2025” (Q2 update) “Q4 2025” (narrowed window) Narrowed timing
Financial guidance (Revenue, OpEx, EPS)FY/Q4 2025Not provided Not provided Maintained (no guidance)

Earnings Call Themes & Trends

Note: A Q3 2025 earnings call transcript was not available in our document set; themes below reflect disclosures from company press releases.

TopicPrevious Mentions (Q-2 and Q-1)Current Period (Q3 2025)Trend
R&D execution (JANX007)Phase 1b initiated; updated Phase 1a data supported expansion; CRS mitigation strategy described Enrollment ongoing; additional data updates guided for Q4 2025 Steady execution toward further readouts
R&D execution (JANX008)Enrollment ongoing Enrollment ongoing; additional data updates in Q4 2025 Steady; visibility into timing
Platform expansion (TRACIr, TROP2-TRACTr, ARM)R&D Day detailed PSMA‑TRACIr combo with JANX007; TROP2‑TRACTr and CD19‑ARM advancing (FIH 1H’26) Continued to highlight multi‑platform pipeline breadth Broadening beyond oncology into autoimmune
Collaboration milestones$10M Merck milestone triggered by first patient dosed in lead collaboration program $10.0M collaboration revenue recognized in Q3 Collaboration monetization lumpy but supportive
Balance sheet$1.01B (Q1) $989.0M (Q3); “strong balance sheet” emphasized Gradual spend; ample liquidity
Data timing“2H 2025” for additional data Narrowed to “Q4 2025” Increasing specificity on catalysts

Management Commentary

  • “With enrollment ongoing in the JANX007 and JANX008 clinical trials and multiple new drug candidates expected to enter the clinic next year, we remain confident in our ability to advance these programs, supported by a strong balance sheet that enables continued execution.” — David Campbell, Ph.D., President & CEO .
  • Prior quarter context: “The recent expansion of our TRACTr, TRACIr, and ARM development programs… We look forward to additional clinical data from JANX007 and JANX008 expected in the second half of 2025.” — David Campbell, Ph.D. .
  • “We are proud to advance into the next phase of our clinical journey for JANX007 and begin treating patients in our Phase 1b expansion studies.” — David Campbell, Ph.D. (Q1) .

Q&A Highlights

  • No Q3 2025 earnings call transcript was available in our search window; as a result, detailed Q&A themes and clarifications cannot be provided at this time. We will update this section upon availability of a transcript.

Estimates Context

  • JANX beat both revenue and EPS vs S&P Global consensus: revenue $10.00M vs $3.07M* and EPS $(0.39) vs $(0.62)* for Q3 2025 . Values with asterisks (*) were retrieved from S&P Global.
  • The upside on revenue likely reflects timing of collaboration revenue recognition; recall a $10M milestone was disclosed in Q2 under the Merck collaboration, while Q2 reported $0 revenue and Q3 reported $10.0M collaboration revenue (recognition timing can differ from cash milestones) .

Key Takeaways for Investors

  • Collaboration revenue recognition drove an upside quarter: $10.0M revenue and $(0.39) EPS vs consensus $3.07M* and $(0.62), respectively; expect revenue to remain lumpy given milestone/timing effects . Values with asterisks () were retrieved from S&P Global.
  • Liquidity remains a key strength: $989.0M in cash and investments and management’s “strong balance sheet” framing support ongoing trials and pipeline investments into 2026+ .
  • Near-term catalysts: Additional JANX007/JANX008 clinical updates are now guided for Q4 2025 (narrowed from 2H), a meaningful potential stock driver .
  • R&D intensity is stable at mid‑$30Ms (Q2: $34.7M; Q3: $34.6M), reflecting continued clinical execution; G&A (~$10.5–$10.6M) remains contained vs a one‑time elevated prior‑year baseline .
  • Platform breadth is expanding (TRACIr combinations with JANX007, TROP2‑TRACTr, CD19‑ARM with FIH targeted 1H’26), broadening optionality beyond the current oncology programs .
  • Collaboration with Merck continues to validate external interest (Q2 $10M milestone disclosed), and collaboration revenue recognition supported Q3 results .

Appendix: Source Documents

  • Q3 2025 8-K and press release, including financial statements and business highlights .
  • Q2 2025 8-K and press release with financials, $10M Merck milestone disclosure .
  • Q1 2025 8-K and press release with financials and JANX007 Phase 1b initiation .
  • Other Q3 2025 press releases: R&D Day scheduling and pipeline/platform updates (TRACIr, TROP2‑TRACTr, ARM) .

Values with asterisks (*) were retrieved from S&P Global.